President Donald Trump took aim at the U.S. States Postal Service on Friday, admonishing the service for its financial losses and for failing to charge more.
“Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer? Should be charging MUCH MORE!” Trump posted on Twitter.
Amazon.com shares fell 6.1 percent in the hours after Trump’s posting. A representative of the Postal Service did not respond to a request for comment.
It is unclear why the president chose Friday to lash out at the postal service. The agency last reported its earnings on Nov. 17. During its 2017 fiscal year, spanning Oct. 1, 2016 to Sept. 30, 2017, it recorded $69.6 billion in revenue, a decrease of $1.8 billion from the previous year. The postal service reported a loss of $2.7 billion.
In its fiscal year, mail volumes declined by about 5 billion pieces, or 3.6 percent, while package volumes rose by 589 million pieces, or 11.4 percent. Despite the growth in package volume offsetting some of the decline in mail volume, The Postal Service said overall volume declined by 4.9 billion pieces.
The Postal Service has over the years introduced modest increases to the costs of shipping.
The next rate increase, which will take effect Jan. 21, 2018, will increase the cost of postage stamps from 49 cents to 50 cents, and large flat envelopes from 98 cents to a dollar.
Follow the Bangor Daily News on Facebook for the latest Maine news.